In the situation of problem 15-1, suppose that a second random sample of cardholders was selected, and
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In the situation of problem 15-1, suppose that a second random sample of cardholders was selected, and 7 out of the 17 people in the sample were found to pay their bills on time. Construct the new posterior distribution containing information from the prior distribution and both samplings. Again, give a credible set of highest posterior probability close to 95%, and plot the posterior distribution.
Proportion ....Probability
0.1.......... 0.2
0.2.......... 0.3
0.3.......... 0.1
0.4.......... 0.1
0.5.......... 0.1
0.6.......... 0.1
0.7.......... 0.1
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For
Complete Business Statistics
ISBN: 9780077239695
7th Edition
Authors: Amir Aczel, Jayavel Sounderpandian
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